The White House is calling on Congress to take action
Press secretary Karine Jean-Pierre has revealed the White House is closely following the Silvergate saga.
The Biden Administration is comparing it to those at other crypto companies.
Jean-Pierre says President Joe Biden has called on Congress to take action.
“In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto,” she said in a White House press conference.
“As you know, this is a president that has repeatedly called on Congress to take action to protect everyday Americans from the risk posted by digital assets and he will continue to do so.”
Silvergate announced last week it would suspend its Silvergate Exchange Network, a 24/7 internal settlement tool the bank’s customers could use to conduct transactions between each other on weekends or times when normal banking services may be closed.
